Has something like this ever happened to you? I have just requested a refund of £800 from an insurance company.
Why? My daughter’s car insurance policy was renewed – automatically – because she hadn’t responded to their renewal notices.
As an 18-year old who never writes, sends nor receives letters, she wouldn’t know where the local postbox is.
But, if they had emailed her, sent a text or some other digital communication she would have taken notice. Instead, they sent a letter by post with the result that they have lost a potential long term customer.
What lesson can we learn from this?
Every company needs to communicate appropriately with their current and potential customer base.
If the millennium generation is among our target customers and prospects then we need to be aware of the different types of communication they might read. And the channels through which we may reach them.
These factors can and do have an impact on our ability to keep and retain customers.
The millennium generation is coming of age: the age when they need bank accounts, insurance policies, saving plans, clothes, tickets, books, etc. They want access, agility, speed and choice from the marketplace. If they cannot buy using a phone or tablet, we risk losing their business. (My daughter is the perfect example).
So how can a company like the unfortunate insurance company in question manage their way through these communication challenges? How can you communicate with both traditional customers who still want paper and those people who prefer to communicate digitally?
The short answer is they need to be able to choose their preferred method of communication. They need to be able to access a multi-channel communication platform for both incoming and outgoing communications. A platform which allows them to communicate with all the demographic sectors by selecting the appropriate channel. Companies need to be able to move a customer from one channel to another or to use multiple channels if they are to receive our communications.
Companies, of course, have a choice. They can build their own multi-channel communications platform (taking all the associated risks that come with any major IT project). Or they seek the help of a company like Prime Document Ltd, specialists who are already delivering this service to a wide range of businesses within short deadlines (weeks rather than months). You could be on the way to retaining your existing customer base and attracting the next generation to do new business with them in less time than you’d think.
Martin Hurley, Managing Director